Taiwan’s Financial Supervisory Commission is on the verge of announcing the “Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)” in September.
In combination with revised business group separation standards by the Ministry of Economic Affairs, this development paves the way for virtual currency operators to establish an association, expected in mid-October.
In anticipation of this regulatory development, Taiwan’s major exchanges have already taken the initiative to establish the Taiwan Virtual Asset Platform and Transaction Business Association (VASP) Preparatory Group.
The Chairman of the Taiwan Fintech Association, Cai Yuling, emphasized the importance of industry representation within the association and noted the unity among platform operators and exchanges as a significant step forward.
The establishment of the Taiwan VASP Association is expected to promote self-regulation within the cryptocurrency industry and contribute to the maturation of Taiwan’s cryptocurrency supervision.
This association aims to bring together not only virtual currency operators but also traditional banks, financial technology firms, accountants, and insurance industries to create a comprehensive cryptocurrency ecosystem.
Nine crypto firms
With nine cryptocurrency exchanges and platforms already in the preparatory group, the association plans to promote the mainstreaming of virtual assets, foster communication with authorities, and ensure the industry’s compliance with regulations.
Among the exchanges are BitstreetX Co., Ltd. (BitstreetX); ACE Digital Innovation Co., Ltd. (ACE); HOYA Digital Technology Co., Ltd. (HOYA BIT); British Virgin Islands Shangbito Technology Co., Ltd. Taiwan Branch; Modern Wealth Technology Co., Ltd. (MaiCoin); After All Technology Co., Ltd. (BITGIN); Bito Technology Co., Ltd. (BitoPro); Rybit Co., Ltd. (Rybit); and XREX Co., Ltd. (XREX)
It aims to establish clear and reasonable regulations while welcoming a broad spectrum of members, from exchanges and over-the-counter trading platforms to wallet-hosting companies and quantitative trading firms.
The preparatory group is working diligently to submit an association application to the Ministry of the Interior by mid-October, with the goal of formal establishment before the year’s end.
These developments mark a significant step forward for Taiwan’s cryptocurrency industry and its integration into the global digital financial landscape.
The preparatory group holds regular meetings, maintaining transparency through the publication of meeting minutes on GitBook for public reference.
Cai Yuling, Chairman of the Taiwan Fintech Association and General Consultant of the Taiwan VASP Association preparatory group, noted that the association is important in representing the cryptocurrency industry in the country.
She said that the preparatory group, led by the three major exchanges, shows great potential in uniting platform operators.
Liu Shiwei, the Founder and CEO of MaiCoin Group, expressed his commitment to advancing blockchain and cryptocurrency into the mainstream. He noted the progress made in cryptocurrency supervision in cooperation with the Financial Supervisory Commission.
Establishing the association is seen as a significant milestone for communication with all stakeholders, and MaiCoin Group aims to work collaboratively to promote the mainstream adoption of virtual assets.
Zheng Guangtai, Founder and CEO of BitoGroup, said that the company is dedicated to creating a secure, convenient, and innovative trading environment. BitoGroup, which will soon enter its 10th year, aims to lead industry partners in improving infrastructure and regulations.
Wang Chenhuan, President of ACE Ace Exchange, likened the association to a supportive family and a guiding beacon. He explained its role in providing direction, gathering information, setting standards, fostering consensus, and representing industry players, leading them toward further progress.
